Posted by: Tony Carson | 18 November, 2009

Housing starts on two sides of a border

What a difference a border makes.

In the US, construction of new homes and apartments unexpectedly plunged last month by 10.6% to a seasonally adjusted annual rate of 529,000, thats the lowest since April. Economists expected 600,000 units.

Applications for building permits, a gauge of future activity, fell 4% to an annual rate of 552,000 units. That was the lowest since May and missed analysts’ expectations of 580,000.

In Canada, however, housing and apartment starts grew by 5.4% last month to the highest level this year.

Activity has picked up in recent months, with starts now 33% higher than the lows reached in April. There were 157,300 units constructed in October, up from 149,300 the previous month.

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